Home » Waqf Funds (page 15)

Waqf Funds

Corporate Staff Waqf Fund Launched

The Muslim Workgroup Committee (MWC) has for several years collected money from staff members of various Corporates and sympathizers during the holy month of Ramadaan to provide Eid food hampers to the destitute and needy. After much thought and deliberation at an historic meeting between the MWC and the National Awqaf Foundation of South Africa (Awqaf SA) during Ramadaan 1431/2010, it was agreed that the MWC would initiate a groundbreaking Corporate Staff Waqf Fund (CSWF) in collaboration with Awqaf SA primarily to provide sustainable funding for projects and programmes as well as a contribution towards the revival of an important Sunnah of the Prophet Muhammad (s). As beneficiaries of much of the infrastructure developed by our forbears – mainly small traders – it was now our turn as staff members of the corporate world to leave a legacy for the future. How does it work?  It’s simple. As a staff member you are requested to complete the monthly debit order (included in this flyer) for whatever sum you wish. A Waqf account will be opened in your name in Awqaf SA and your waqf donations will be pooled and invested by Awqaf SA. The income distribution to downstream projects and programmes will be done in consultation with the Trustees (Waqf Mutawallees) appointed by corporate staff donors.  Reports will be provided on an annual basis. S18 tax certificates will be provided on request. The Power of numbers:   If 5000 staff members throughout the corporate sector donates an average of R100 per month, the Muslim Ummah will have received an amount of R500 000 per month towards its Waqf Fund. This is equivalent to R6m per annum. Over a ten year period this will equate to a staggering R60m. An amount starting at R600K and reaching R6m will be spent annually on downstream projects.  You do the math!   Plus we will have lots to show for our contributions. It makes sense, doesn’t it?  In Singapore, every employee of every company and state enterprise is required by law (on an opt-out system) to contribute a small fixed amount per month (gets deducted by employer like our PAYE) towards their Mosque Development Fund. Trade Union members in SA contribute a % of their wages to their respective unions, also a deduction by employers. The CWSF is a step in the right direction and would be a model for all corporate staff in South Africa ...

Read More »